Life is not always easy. Challenges come at every turn and would catch you unaware. There are also times when you are in desperate need funds but couldn’t find the means to come up with the amount you require. If you are in California, the fastest way to raise funds in such situations is to get hard money loans. If you ever face this dire circumstance, you should start looking for a nearby lending agency that could process the loan for you.
Get Hard Money Loans Faster than Conventional Channels
It is true that the type of funding discussed here is not the run-of-the-mill bank loan. Bank loans could be beneficial due to the lower interest being charged, but the volume of paperwork and documentation and the overall time needed to disburse the funds to the borrower could take long, even up to two months. Certainly if you need the money as of yesterday, that would be ruled out. Hard money loans, especially in the state of California, directly refer to the loans offered by private lending institutions against a collateral, which is usually a property you own. The advantages of going for this type of raising short term funds are many. More than describing these as advantages, one can say this is a far easier and quicker way to raise money for any emergency with the lending agency asking you very few questions. Check Evoque Lending for more details.
One of the first hurdles you will face when you apply for any loan is your credit score or rating. To get hard money loans, even a poor credit score would be no deterrent since the agencies look more closely at the future value of the property you are offering as collateral than your past record in repaying loans or other credit outstanding. This is a very important and useful provision since a person normally gets into a situation of wanting immediate funds, mostly due to some extraordinary requirement. One of the first casualties, when you are running low on your finances, is your credit card repayments and there is no way you can escape when approaching the conventional channels for borrowing. The hard money lenders perhaps understand this, and as long as they evaluate that the property you own at least a minimum threshold percentage of the total ownership value, they will have no difficulty in sanctioning the loan.
You Need to Correct the Situation Fast
If your requirement for funds is genuine, and you feel you will be able to make good the loan as quickly as possible, then there’s nothing like the hard money loan. This is because of the following:
- The funding is more short term in nature;
- You will have to pay a higher interest rate on the hard money loans and the earlier you arrange to settle it, the better for both the sides;
- Though you need not be the 100% owner of the property you need to be holding a reasonable share of at least 30% in it;
- Lastly, even if the property is on a mortgage, the lending agency will take it on request and allow you to draw the loan with the usual expectations. So get a hard money loan and enjoy everything thereafter.
When it comes to money lending or loan application, only choose a company you can trust with your property or investment. To find more information on hard money loans and related services such as investing your hard-earned money, you may visit http://evoquelending.com/ or contact their hotline number at 1-800-5058121.